Spending by rich Americans on luxury goods is set to grow by $26.6 billion in 2011

[somone]

http://www.reuters.com/article/2011/04/15/us-usa-wealth-idUSTRE73E0Q320110415

Luxury spending by rich to rise; value sought
By Michelle Nichols

(Reuters) - Spending by rich Americans on luxury goods is set to grow by $26.6 billion in 2011, with the number of affluent families planning to spend more almost doubling in the past three years, a poll found on Friday.

As the United States gradually emerges from its worst economic crisis in decades, the American Express Publishing and Harrison Group survey forecast spending on luxury goods to increase nearly 8 percent to $359 billion this year compared to 2010. "It is a relief to finally be able to see a significant return of affluent consumers to the luxury marketplace," Jim Taylor, vice-chairman of Harrison Group, said in a statement...

The Survey of Affluence and Wealth in America polled 1,458 families with a discretionary income of more than $100,000 -- representing the wealthiest 10 percent in the United States who account for about 50 percent of all consumer spending. It found that 15 percent of those families plan to spend more in 2011, up a quarter from 2010 and almost double from 2008, while the number cutting spending was nearly halved from last year to 9 percent and down two-thirds from 2008.

Taylor said that while 70 percent of affluent Americans still believed the country is in recession, they are less anxious -- concern over job loss has fallen 50 percent from 2010 and worries about the potential failure of their company are down to 11 percent from 28 percent... "The nearly $4 trillion in their money market funds gives these consumers the power to purchase with cash," Taylor said...

[inna]

1. obscene

[Newest Reality]

2. It is all theirs now?

So, the rest of us 90-percent are only doing one-half of the consumer spending going on? Well, it goes with all the other numbers we see about wealth.

Well, fellow Serfs, let's welcome our Overlords together! They've got cash to spend and it ain't gonna' be on the crap we common folks make do with or could even produce for them. They are in a league of their own, as we already know.

I am sure we will be glad to serve them. Salt, pepper, lemon, butter ... etc. Recipes to share? ;)

They are living the life that most of us have lost access to, fellow plebs.

Wewin/Ulose 2012! America Incorporated and the Supreme Board of Directors.

[democratXX]

3. How special

The rest of us can eat cake!!

[Zoeisright]

4. In other words, they could easily afford to pay at least that much in taxes.

Assholes.

[gateley]

5. I've noticed the homes in the Seattle that are flying out the door, so to speak,

are those which cost millions of dollars. (I love looking at real estate sites.)

[SheilaT]

6. Hooray for the trickle down!

What? Isn't this exactly what the Republicans have told us is needed to boost the economy and create jobs?